CWEB vs. USO
CWEB (Direxion Daily CSI China Internet Index Bull 2x Shares) and USO (United States Oil Fund LP) are both exchange-traded funds - CWEB is a Leveraged Equities fund tracking the CSI China Overseas Internet Index (200%), while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 5 years, CWEB returned -43.87%/yr vs 23.67%/yr for USO. At a 0.12 correlation, their price movements are largely independent. CWEB charges 1.30%/yr vs 0.86%/yr for USO.
Performance
CWEB vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, CWEB achieves a -40.78% return, which is significantly lower than USO's 97.72% return.
CWEB
- 1D
- -0.84%
- 1M
- -11.43%
- YTD
- -40.78%
- 6M
- -44.28%
- 1Y
- -37.36%
- 3Y*
- -10.15%
- 5Y*
- -43.87%
- 10Y*
- —
USO
- 1D
- -2.92%
- 1M
- -5.15%
- YTD
- 97.72%
- 6M
- 91.54%
- 1Y
- 97.20%
- 3Y*
- 28.78%
- 5Y*
- 23.67%
- 10Y*
- 3.57%
CWEB vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CWEB Direxion Daily CSI China Internet Index Bull 2x Shares | -40.78% | 29.04% | 0.12% | -32.85% | -59.43% | -79.35% | 116.38% | 51.24% | -63.01% | 166.27% |
USO United States Oil Fund LP | 97.72% | -8.46% | 13.35% | -4.94% | 28.97% | 64.68% | -67.79% | 32.61% | -19.57% | 2.47% |
Correlation
The correlation between CWEB and USO is -0.21, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Nov 3, 2016 | 0.12 |
The correlation between CWEB and USO shifts across timeframes, from -0.21 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CWEB vs. USO — Risk / Return Rank
CWEB
USO
CWEB vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily CSI China Internet Index Bull 2x Shares (CWEB) and United States Oil Fund LP (USO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| CWEB | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.90 | ||
| Sortino ratioReturn per unit of downside risk | -3.64 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.37 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.62 | 4.79 | -5.41 |
| Martin ratioReturn relative to average drawdown | -1.17 | 9.00 | -10.17 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CWEB | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.69 | 2.21 | -2.90 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.47 | 0.66 | -1.13 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.09 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.25 | -0.18 | -0.07 |
Drawdowns
CWEB vs. USO - Drawdown Comparison
The maximum CWEB drawdown since its inception was -98.09%, roughly equal to the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for CWEB and USO.
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Drawdown Indicators
| CWEB | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.09% | -98.19% | +0.10% |
Max Drawdown (1Y)Largest decline over 1 year | -60.58% | -20.39% | -40.19% |
Max Drawdown (3Y)Largest decline over 3 years | -60.58% | -26.05% | -34.53% |
Max Drawdown (5Y)Largest decline over 5 years | -95.63% | -36.23% | -59.40% |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | -97.59% | -85.45% | -12.14% |
Average DrawdownAverage peak-to-trough decline | -65.43% | -75.30% | +9.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.03% | 10.84% | +21.19% |
Volatility
CWEB vs. USO - Volatility Comparison
Direxion Daily CSI China Internet Index Bull 2x Shares (CWEB) has a higher volatility of 22.74% compared to United States Oil Fund LP (USO) at 14.97%. This indicates that CWEB's price experiences larger fluctuations and is considered to be riskier than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CWEB | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.74% | 14.97% | +7.77% |
Volatility (6M)Calculated over the trailing 6-month period | 40.06% | 38.35% | +1.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.37% | 44.32% | +10.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 94.49% | 36.09% | +58.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.68% | 39.00% | +41.68% |
CWEB vs. USO - Expense Ratio Comparison
CWEB has a 1.30% expense ratio, which is higher than USO's 0.86% expense ratio.
Dividends
CWEB vs. USO - Dividend Comparison
CWEB's dividend yield for the trailing twelve months is around 5.70%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CWEB Direxion Daily CSI China Internet Index Bull 2x Shares | 5.70% | 2.77% | 4.59% | 2.63% | 0.00% | 0.00% | 0.00% | 0.64% | 1.59% | 2.98% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CWEB and USO have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CWEB has higher volatility (22.74%) compared to USO (14.97%). In terms of maximum drawdown, CWEB dropped -98.09% vs USO's -98.19%.
On 5-year performance, USO leads with 23.67% vs -43.87% for CWEB. On fees, USO is cheaper at 0.86% per year. On volatility, USO has been the lower-risk option at 14.97%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USO has performed better with a 23.67% return vs -43.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USO is cheaper with a 0.86% expense ratio, compared with 1.30% for CWEB.
CWEB has the higher dividend yield at 5.70%, compared with 0.00% for USO.
CWEB is categorized as Leveraged Equities, while USO is Oil & Gas. CWEB tracks CSI China Overseas Internet Index (200%), while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: Direxion and USCF. Their fees differ too: 1.30% for CWEB and 0.86% for USO.
USO currently has the higher Sharpe Ratio (2.21 vs -0.69), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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